M7 Real Estate (“M7”), the pan-European investor and asset manager has, on behalf of a major institutional fund, successfully secured a change of consent to Class 6 (Storage or Distribution) and repositioned Renfrew Trading Estate (the “Estate”). This has resulted in a new letting to Company Shop Group.
The Estate comprises a multi-let retail warehouse park comprising ten units totalling 131,639 sq ft to the west of Glasgow. The Estate is ideally situated to benefit from the current infrastructure improvements through the Clyde Waterfront & Renfrew Riverside Project which, in part, creates a new bridge link connecting Renfrew to the north of Glasgow.
As part of an active asset management strategy, M7 identified an opportunity to reposition the Estate to capitalise on the current supply and demand imbalance for Industrial and Trade Counter accommodation in greater Glasgow. By securing Class 6 consent M7 has expanded the potential tenant base to permit Trade Counter operators to utilise the composite Class 1 (Retail) and Class 6 (Storage and Distribution) consent, with the opportunity to add a general industrial consent, subject to approval.
Due to obtaining the consent, M7 agreed a new letting over 20,052 sq ft to Company Shop Group on a ten year term. Founded in 1985, Company Shop Group are now the largest commercial redistributer of food and household products in the UK. Its arrival will assist in reinvigorating the Estate.
Andrew Brass, Asset Manager at M7, commented: “By securing a Class 6 consent on the vacant units we have repositioned the asset at an opportune time. The Local Authority are investing heavily in infrastructure improvements in the immediate vicinity which will enhance the access to and prominence of the Estate. The new consent has expanded the potential tenant base enabling the profile of the asset to be altered into a trade park.
“As a result of our proactive asset management approach, we are pleased to welcome Company Shop Group to the Estate and are very excited about the positive impact this will have on the asset in the short term while also assisting the conversion to a trade park in the medium term.”